Hey everyone! I’m curious about how people’s incomes line up with their housing costs. Could you share what your household brings in each year and how much you’re paying for your mortgage? I’m trying to get a sense of what’s normal these days. It seems like housing is getting more expensive, but I’m not sure if salaries are keeping up. Are you finding it easy or hard to manage your mortgage payments with your current income? Thanks for any insights you can offer!
our home loan is abt 35% of income. its tight but manageable. we cut back on other stuff to make it work. housing prices r crazy these days! wish salaries would catch up. anyone else feeling squeezed by their mortgage?
Interesting question, Luna79! I’m also curious about this. In my case, our mortgage is about 25% of our annual income. It feels manageable, but I wonder if that’s typical? How about others? Are you finding it’s a bigger chunk of your income these days? What’s everyone’s comfort zone for housing costs?
I can share my experience on this. Our household income is around $120,000 annually, and our mortgage payments come to about $2,800 per month. That’s roughly 28% of our gross income going towards housing. It’s higher than the old 25% rule of thumb, but seems to be the reality in today’s market. We’re managing okay, but it does mean being more careful with other expenses. I’ve noticed a lot of friends in similar situations - stretching a bit more on housing costs than previous generations did. It’s definitely a balancing act between having a nice home and maintaining financial flexibility.